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    Standard Costing

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    ocallagr
    Standard costing uses estimated unit costs based on technical specifications for materials, labor, and overhead to set budgets and evaluate performance. It establishes standard costs per unit for direct materials, direct labor hours, and allocated overhead. Budgets and standard costs are then compared to actual costs to identify variances and improve efficiency.

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    Standard Costing

    Uploaded by

    ocallagr
    60 views1 page
    Standard costing uses estimated unit costs based on technical specifications for materials, labor, and overhead to set budgets and evaluate performance. It establishes standard costs per unit for direct materials, direct labor hours, and allocated overhead. Budgets and standard costs are then compared to actual costs to identify variances and improve efficiency.

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    10. Standard Costing

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    Standard costing uses estimated unit costs based on technical specifications for materials, labor, and overhead to set budgets and evaluate performance. It establishes standard costs per unit for direct materials, direct labor hours, and allocated overhead. Budgets and standard costs are then compared to actual costs to identify variances and improve efficiency.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    60 views1 page

    Standard Costing

    Uploaded by

    ocallagr
    Standard costing uses estimated unit costs based on technical specifications for materials, labor, and overhead to set budgets and evaluate performance. It establishes standard costs per unit for direct materials, direct labor hours, and allocated overhead. Budgets and standard costs are then compared to actual costs to identify variances and improve efficiency.

    Copyright:

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    Download as PDF, TXT or read online from Scribd
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    of 1

    Stock & production costing

    Control device 2. Std Costing uses


    P169 Key Term

    Purchasing Dept
    Estimated Unit Cost
    Purchase contracts 1. Std Cost
    P167 Std Cost Card
    With suppliers Pricing discussion
    Materials costs/unit
    Forcast price movement Derived from

    Bulk purchase discounts Std Costing 3. Budgets & Std Costs


    Material Quality P170 3.4
    09/11/2004 - v3

    Payroll & pay agreements Labour Rate


    4. Setting Stds 5. Types of std P175 key terms
    Production technical specs Material Useage

    Production technical specs Labour efficiency

    Budgeted O/H
    Overheads
    Production Volume

    Production capacity
    Efficiency of working Production Volume
    P173 Key terms

    C:\Documents and Settings\Rich\My Documents\Business\CPA\Professional 1\Strategic Management Accounting\10. Std Costing.mmp - 09/11/2004 - -

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